We earned a 65% equity interest in the Sheryl Prospect (Block 21/23a) in May 2006, during which time our drilling intersected a 90 foot column of oil.

In August and September 2006, we conducted appraisal drilling. The last of 7 well bores was drill stem tested through sand screens under “open hole” conditions. Oil flowed at a maximum rate of 1,915 bbls/d through a 36/64” choke at 334 psi flowing pressure. The oil was 23º API, consistent with other finds in the region.

Oilexco and its partner are evaluating options for the Sheryl discovery.